The value of real estate transactions in Ras Al Khaimah, UAE rose to AED2.7 billion ($740 million) in the first half of 2018, according to official figures from Ras Al Khaimah (RAK) municipality.

The emirate saw the value of property deals increase 33 per cent compared to the first half of 2017, according to the bi-annual report. The report showed that 2,632 real estate transactions were recorded in the January to June period, with 1,412 sales worth AED902.1 million and 844 mortgage deals worth AED1.5 billion.

Director of the RAK Municipality Department, Mohammed Al Zaabi, noted that the highest value deal was AED19 million, registered for a tourism plot in Al Jazirah Al Hamra, while the highest sale in size, was for a 272,083 square metre agricultural land in Al Hamraniya at AED5.1 million.

These Ras Al Khaimah Municipality results reflect RAK Properties recently released financial results, which reported growth in assets in H1 2018. Ras Al Khaimah has been a hive of construction and real estate activity recently, with several major projects underway including multiple artificial islands and several major international luxury hotel developments underway.